The EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA) just approved by the National Assembly, will put Vietnam into a new renewal way in order to absorb more FDI capital, especially from Europe. For Binh Duong, the EVFTA and EVIPA will be “catalysis” for the province to improve the local investment climate, competitive capacity and absorb quality FDI capital inflows.
Advantages
In the southern key economic zone, Binh Duong province has enjoyed many advantages in calling for multi-national corporations, global trademarks to make investment after the EVFTA approved. The province set a target of striving to lure US$7billion in FDI capital in the 2016-2020 period. As a result, the province absorbed more than US$11billion during the period.
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Binh Duong province’s infrastructure system has got more and more perfect, synchronous. In picture: My Phuoc-Tan Van expressway
The whole province has so far attracted more than 40,000 domestic projects with total registered capital of nearly VND350,000billion and more than 3,800 FDI ones with total registered capital of nearly US$35billion, mainly in industrial manufacture-trade and services. The province was also among the country’s top four localities in FDI attraction in the first five months of 2020.
Tran Thanh Liem, Vice-Secretary of provincial Party Committee, Chairman of provincial People’s Committee said that over the past years, Binh Duong was proactive to improve the local investment climate, encourage enterprises to make investment, innovation and creation. The province has so far fulfilled its socio-economic infrastructure system, promoting urban-service development as the premise for the province to become a smart city while accompanying the local business community for sustainable and vigorous development…
Ready to welcome new investment waves
Over the past years, Binh Duong attached special importance to building up a synchronous traffic system, developing infrastructure facilities of industrial parks in association with urbanization, promoting the local socio-economic development. With 29 industrial parks, the province has to date absorbed many multi-national corporations…
Province-based industrial parks now have a modern and synchronous infrastructure system with major streets connecting with HCM city and neighboring localities. The province has focused on connecting industrial areas with urban ones, creating favorable conditions for businesses to get access to Cai Mep-Thi Vai port, Long Thanh airport…All aim to meet the needs of investors operating in the province.
With cooperation from global trademarks like Warburg Pincus, Sembcorp…, Binh Duong is now very attractive for investors. Becamex IDC has recently had cooperation with businesses, organizations in South Korea, Holland and Singapore in order to form up a sci-tech industrial park and a 4.0 smart production zone, opening up a creative ecosystem, facilitating businesses ‘development. Nguyen Van Hung, CEO of Becamex IDC said that Becamex IDC and partners, including VSIP, BW, have had sufficient preparation in terms of infrastructure with nearly 4,000 hectares of industrial park land as well as fulfilling 200,000 square meters of ready-made workshops for new investors.
Reported by Ngoc Thanh-Translated by K.T
